Banking in Belgium Overview and Services

Banking in Belgium is a well-organized system with a wide range of services available to residents and non-residents alike.

The country has a strong banking tradition, with many international banks represented, including BNP Paribas Fortis, KBC, and ING.

You can open a Belgian bank account in person, online, or by mail, depending on the bank's requirements and your nationality.

The banking system in Belgium is quite impressive, with a total of 95 different banks operating in the country. This includes international and foreign banks, which account for the majority of the banks.

The country's central bank is the National Bank of Belgium, which is 50% owned by the state and traded as shares on Euronext Brussels. This unique ownership structure is a key aspect of the banking system in Belgium.

Belgium has a high density of bank branches, ranking third in Europe, with over 140 branches operational in the country.

Belgium has a sophisticated banking system, ranking third in Europe in terms of the density of bank branches.

There are over 140 branches operational in Belgium, making it a hub for banking services.

With excellent internet and phone banking development, unique and standardized customer accounts for financial intermediaries are available.

More than 90% of transactions in Belgium are conducted electronically, showcasing the country's adoption of digital banking.

The National Bank of Belgium is the country's central bank, with 50% owned by the state and the other 50% traded on Euronext Brussels.

The Financial Services and Markets Authority regulates banking in Belgium, ensuring a safe and secure environment for financial transactions.

Belgium is a pioneer in digital banking payments, with mobile banking widely available alongside traditional banking methods.

A wide and flexible range of services is offered to customers without discrimination in terms of nationality, making it an attractive destination for international banking transactions.

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The structure of a system is what keeps it running smoothly. The Banks in Belgium can be classified as wholesale and retail banking.

In Belgium, the banks have a lean and efficient structure, which allows for rapid decision-making. This classification ensures optimal efficiency.

Wholesale banking is a key part of this structure, handling large transactions and providing services to other financial institutions.

In Belgium, you'll find that the currency is the Euro, which is shared with 19 other countries in the Eurozone. This means you can use Euros from any of these countries anywhere in the EU.

The Euro is divided into 100 cents, but you'll notice that smaller coins like 1 and 2 cent coins are no longer widely used in Belgium, unlike in some neighboring countries like Germany.

Most retailers will round prices to the nearest five cents, making it easy to pay with coins. You'll commonly see 5, 10, 20, 50 cent, and €1, 2 coins in circulation.

Belgian currency also includes paper notes of €5, 10, 20, 50, 100, 200, and 500.

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Belgium has a well-developed mobile payment system, with 47% of Belgians using mobile payments in 2019, a figure expected to increase to 68% over the next five years.

You can make contactless payments in stores using your phone, thanks to payment apps like Apple Pay, Google Pay, and PayPal, which are widely used in Belgium.

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Belgians are also enthusiastic about using mobile devices for bill payments, with 66% using a mobile device for their last bill payment, the highest out of 15 countries studied.

Debit cards are popular in Belgium, with the Bancontact/Mister Cash card being the most common bank card, accepted in many stores and shops.

Direct debits, known as domiciliation/domiciliering, are a convenient way to pay regular bills, while standing orders, or ordre permanent/bestendige opdracht, can be set up for regular payments of a fixed amount, like rent or mortgage repayments.

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Direct Debits are a convenient way to pay regular bills on time, and in Belgium they're known as domiciliation or domiciliering.

This method is particularly common for utility bills, as it allows companies to debit money from your account before the bill deadline, taking the hassle out of remembering to pay on time.

You can set up direct debits by contacting your Belgian bank, or many banks also allow you to do it online.

Many people find direct debits to be the most efficient way to manage their regular payments, and it's definitely worth considering if you have bills that need to be paid on a regular basis.

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Key-Trade offers a range of banking services, including regular retail banking and online activities.

They provide access to various financial products, such as stocks, bonds, mutual funds, options, and warrants.

Key-Trade also deals with trading platforms for new products accessible only to professional investors.

This makes investing in Forex and the futures market easier for those with the necessary expertise.

In Belgium, banking security and fraud are significant concerns, with over 3,200 cases of internet banking fraud reported in 2018. Most of these were related to phishing, where scammers email or call account holders pretending to be from the bank.

To protect yourself against phishing, never click on a link to a bank website in an email, and always log in by typing the bank's website address into your address bar. Never give sensitive information such as your account password by email or over the phone.

There are several ways to protect yourself against online banking fraud, including making sure you only make online payments using a secure payment platform, and never entering your debit or credit card PIN directly into a website. Contacting your bank immediately if you receive any suspicious requests is also crucial.

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If you feel you've been a victim of banking fraud in Belgium, or if your bank cards become lost or stolen, take the following measures:

In Belgium, banking fraud is a growing concern, with over 3,200 cases reported in 2018, mostly due to phishing scams.

To protect yourself, never click on links to bank websites in emails, and always log in by typing the bank's website address into your address bar. This simple step can save you from falling victim to phishing scams.

Belgian banks are introducing tougher security measures, including biometric ID options like fingerprint recognition in mobile apps.

If you're a victim of banking fraud in Belgium, contact your bank immediately and report the problem to the police.

Here are some essential steps to take if you've lost or stolen your Belgian bank card:

By following these simple steps, you can protect yourself from banking fraud and stay safe online.

Making a Complaint is an important step in resolving issues with your bank. You should first contact the customer service or complaints department at the bank.

Details of how to do this are usually available on the bank's website. If that doesn't resolve your issue, you can refer things to either the Financial Services and Markets Authority (FSMA) or the Ombudsman for financial services (ombudsfin).

Banking services in Belgium are quite comprehensive, covering everything from current accounts to mortgages. Most banks offer a range of account options for day-to-day money management.

You can borrow money for things like holidays, home renovations, or vehicle purchases through loans and overdrafts, available with most banks in Belgium. Many banks also offer mortgage loans to customers who meet their criteria.

Some banks, like MeDirect, specialize in savings and investments, offering options from simple savings accounts to investment portfolios. You can also find insurance policies, such as home insurance, car insurance, or life insurance, through many banks in Belgium.

Digital and online banking are widely available, making it easy to access your accounts and keep track of your finances. Mobile banking apps are also offered by some of the bigger banks, allowing you to bank and make payments on the go.

Mobile banking fees in Belgium can be quite low, with some providers offering free current account options. Mobile-only banks like N26 offer free accounts, but others may charge around €10-15 a month.

Basic accounts are often free, but premium or business accounts will usually come with a monthly charge. Some mobile banks place limits on things like ATM withdrawals or mobile payments each month.

Charges for services like borrowing or credit cards are similar to those for standard high street accounts. You can check individual bank websites for more information on bank charges.

Mobile payment charges depend on the provider, but most apps are available without a subscription cost. The Bancontact Payconiq app, for example, charges €0.06 for each store transaction and €0.20 per online transaction.

International transfers can vary from €0-10, and sometimes more for large amounts over €50,000. The cost depends on the mobile account you have, where the money is going, and what currency is being used.

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Services are a key part of banking in Belgium, and there are many options available to suit different needs. You can open a current account for day-to-day management of money, or take out a loan or overdraft for larger purchases.

Most standard Belgian banks now offer internet banking options, making it easier to access your accounts and keep track of finances. This can be a huge time-saver, especially if you're managing your finances from abroad.

Some banks also offer mobile banking apps, allowing you to bank and make payments using your smartphone or tablet. This is a great option if you're always on the go.

Many banks in Belgium offer a range of insurance policies, including home insurance, car insurance, and life insurance. These can provide peace of mind and financial protection in case of unexpected events.

Some banks have products and services tailored towards the needs of expats, including assistance with relocation and English-speaking staff at bank branches. This can make a big difference when navigating a new country.

Here are some examples of services offered by banks in Belgium:

Opening an account in Belgium is relatively straightforward. You can open a current account with either a passport or Belgian ID card as proof of identity and typically proof of residence.

To open a current account, you'll need to choose a bank that offers services that suit your needs, and make sure to check if they offer services in English or another language you speak fluently.

Some banks in Belgium may require a minimum deposit to open an account, as well as ongoing maintenance fees. It's essential to check the fee schedule and understand the costs associated with your account before opening it.

To open a bank account online, you can download the mobile banking app from the bank's website and follow the instructions. This usually only takes a few minutes.

Here's a step-by-step guide to opening a bank account in Belgium:

It's worth noting that the country has strict anti-money laundering regulations and there may be restrictions on certain types of transactions.

Argenta is a significant player in the Belgian banking scene. It's the fourth largest bank in Belgium, established in 1956 with its headquarters in Antwerp.

The bank offers a wide range of products, including savings accounts, loans, and insurance policies. This variety makes it a one-stop-shop for many customers.

In 2021, Argenta recorded a net profit of €143 million in the first half of the year alone.

BNP Paribas Fortis is a universal bank operating in Belgium, offering retail banking, corporate & institutional banking, and investment solutions. It's the largest operating unit in Belgium, with a massive staff of almost 1,93,000 members as of July 2021.

The bank is headquartered in Brussels, a hub for business and finance in Belgium. BNP Paribas Fortis is a subsidiary of the global banking group BNP Paribas.

The bank's financial performance is impressive, with a net income for shareholders of €7.1 billion as of 31 December 2020. This is a significant amount, demonstrating the bank's stability and success.

Kbc is a bank that's actively involved in various services, including retail banking, asset management, and corporate banking, among others. They focus on private clients and small and medium-sized enterprises.

Their net income in 2019 was a substantial €2.48 billion, with total assets of €290.7 billion. This gives you an idea of their financial stability and potential for growth.

Kbc offers a range of services to its clients, including current account services, which yield 1% and 5 cents for each transaction executed. This can be a great option for those who frequently make transactions.

Here are some of the services Kbc offers:

AXA is a bank with a long history, established in 1881. It's a retail banking specialist, offering financial services in Belgium. The bank's headquarters are located in Brussels.

AXA has a strong local presence, working closely with AXA's insurance companies to complement their financial products. This partnership allows them to offer a wide range of services to their customers.

Crelan #7 is a cooperative bank with a core focus on the agricultural sector. It was formed in 2013 after the merger of Landbouwkrediet and Centea.

The bank offers assistance with daily farming activities, seasonal planting, and the purchase of equipment. This support can be a huge help for farmers who need to manage their daily operations efficiently.

Crelan also provides business credit for renovation, investments, and other associated applications. This can be a great option for farmers who want to expand their operations or upgrade their equipment.

In 2016, the bank's net income was recorded at €55.2 million, which is a 36% increase compared to the previous year. This growth is a testament to the bank's successful business model.

Crelan employs around 1,700 staff members and is headquartered in Brussels. This large workforce allows the bank to provide a wide range of services to its clients.